ESCONDIDO, CALIF. — Paragon Commercial Group has closed two long-term leases with HomeGoods and ALDI at Escondido Valley Center at the corner of West Valley and Auto parkways in Escondido. The retailers are backfilling the former Sports Authority space at the 127,436-square-foot shopping center. HomeGoods will occupy 24,261 square feet and ALDI will occupy 21,869 square feet. Bruce Schiff and Phil Lyons of Cushman & Wakefield represented the landlord in both transactions.
AUSTIN, TEXAS — Minnesota-based 3M, which manufactures more than 55,000 material goods, will sell its 156-acre flex campus located at 6801 River Place Blvd. in Austin to World Class Capital Group, a private investment firm headquartered in the state capital, for an undisclosed price. The deal is expected to close during the fourth quarter. 3M is investing in a new 272,000-square-foot facility within the Class A Parmer development on the city’s north side, which currently houses the likes of Apple, General Motors, Dell and Samsung, among others. Construction of the new facility is scheduled to begin later this year, with move-ins slated for April 2019.
DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics
KATY, TEXAS — NAI Partners has negotiated a pair of industrial lease renewals totaling 20,000 square feet at Westgreen Business Center in Katy. Ignition Systems and Controls Inc. renewed its 8,750-square-foot lease at the property, which is located on Vanderwilt Lane, and Ogburn Trucking renewed its 11,250-square-foot lease. Shaffer Braun of NAI Partners represented the landlord, Westgreen Business Center Ltd., in both lease negotiations.
DEERFIELD, ILL. — The merger between Walgreens Boots Alliance Inc. (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) has been terminated. Instead, Walgreens will purchase 2,186 stores and three distribution centers from Rite Aid for $5.2 billion. The previous merger agreement was unveiled in October 2015. In December 2016, Fred’s Pharmacy signed an agreement with Walgreens and Rite Aid to purchase 865 stores. Both of these agreements have been terminated, and Walgreens will pay Rite Aid the $325 million termination fee. Deerfield-based Walgreens will begin acquiring stores and related assets on a phased basis over a period of approximately six months, and intends to convert acquired stores to the Walgreens brand over time. Walgreens expects synergies from the new transaction to be in excess of $400 million.
FAYETTEVILLE, ARK. — Strategic Student & Senior Housing Trust Inc., a REIT focusing on student housing and seniors housing acquisitions and sponsored by SmartStop Asset Management LLC, has purchased a student housing community near the University of Arkansas for $57 million. Known as The District, the 592-bed community is located at 376 W. Watson St. in Fayetteville, roughly a half-mile from the university’s campus. The 198-unit property includes one-, two-, three- and four-bedroom, fully furnished floor plans. Completed in 2016, the LEED Gold-certified community features a business center, study rooms, pool, spa, courtyard, fitness facility and a yoga room. Asset Campus Housing will manage the property, which was 95 percent preleased at the time of sale for the 2017-2018 academic year.
JACKSONVILLE, FLA. — Michael Development Corp. has acquired One Enterprise Center, a 317,571-square-foot office building located at 225 Water St. in downtown Jacksonville. The Los Angeles-based company purchased the 22-story tower via Rosecrans 2004 LLC. John Bell of Transwestern negotiated the sale on behalf of the buyer. The property features a glass panel exterior, marble lobby and a glass atrium dome with a tower directly connected to the 354-room Omni Jacksonville Hotel. The office building and hotel share a parking garage that offers a ratio of 2.26 spaces per 1,000 square feet. One Enterprise Center was 51 percent leased at the time of sale.
DETROIT — Marcus & Millichap has arranged the sale of Orchestra Place in Detroit for an undisclosed price. The five-story, 153,2790-square-foot office building is located at 3663 Woodward Ave. next to the Detroit Symphony Orchestra building. Built in 1997, the property is within walking distance of Wayne State University and the Detroit Medical Center. John Godwin of Marcus & Millichap represented the seller, a Detroit-area non-profit. He also procured the buyer, a regional investment group.
CENTENNIAL, COLO. — Waterton has purchased the 266-unit Greenwood Plaza in Centennial for an undisclosed sum. The community is located at 7610 E. Caley Ave. Greenwood Plaza features units that range from one to three bedrooms. The property is situated near the Denver Tech Center. Waterton plans to renovate the units’ interiors. On-site amenities include a fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.
VICTORVILLE, CALIF. — Newell Brands has signed a three-year lease for 195,508 square feet of industrial space at Southern California Logistics Airport in Victorville. The space is situated in the 370,023-square-foot Distribution Centre 18. SCLA is an 8,500-acre multimodal freight transportation hub that includes a 2,500-acre commercial and industrial complex entitled for 60 million square feet of development. The facility was completed on June 22. The new lease brings DC 18 to full occupancy. Plastipak Packaging will occupy the remainder of the building. CBRE’s Ryan Athens represented Newell Brands. The same firm’s Jay Dick represented the landlord, Stirling Development, in this transaction.
